Another major company announces executive pay cuts in the second quarter

美国Hubbell公司日前宣布，它将在2020年4月30日市场开放之前发布2020年第一季度财务业绩。预计初步结果将与公司此前的预期相一致，即相对于2019年第一季度，调整后的稀释后每股收益将有适度增长。在公用事业解决方案领域，由于电网现代化和可再生能源趋势，以及足迹优化生产力计划和积极的价格/成本驱动了第一季度业绩。这些因素使公司得以克服本季度因与COVID-19大流行相关的中断而产生的不利因素（主要是在电气领域）。

Due to a challenging and highly uncertain economic environment, Hubbell has also announced the withdrawal of its 2020 guidance and provided an update on the actions the company is taking regarding the current and expected impact of the spread of COVID-19.

Hubbell stated:

"At Hubbell, our top priority is the safety and well-being of our employee family, customers and suppliers, the community, and shareholders," said Dave Nord, Chairman and CEO of Hubbell. "Hubbell provides critical electrical and utility solutions that enable our customers to operate critical infrastructure safely, reliably, and efficiently. We are committed to providing high-quality and reliable products to our customers and continuing operations at our production sites wherever possible, while protecting employee safety by implementing extensive cleaning and disinfection in factories and warehouses, maintaining safe distancing measures, enabling remote work where feasible, and offering emergency paid leave related to COVID-19."

Considering the anticipated challenges related to the COVID-19 pandemic, we have reviewed all aspects of our business and implemented a series of cost management measures to sustain organizational growth amid economic uncertainty, including:

The Board will waive the quarterly advance payment for the second quarter.

Executive personnel will receive a 25% salary reduction in the second quarter.

All other executives will receive a 15% pay cut in the second quarter

Salaried employees will take two weeks of leave at some point during the second quarter

Other various discretionary cost reductions and cash preservation measures

While implementing these cost measures, we are also providing additional support to hourly workers producing products critical to the community. To this end, we will pay an additional appreciation bonus to all eligible hourly workers in the second quarter.

To maximize financial flexibility, the company also drew down $225 million from its $750 million revolving credit facility. This is a proactive measure taken by us in light of the significantly deteriorating economic conditions.

Nord concluded: "We are committed to ensuring that we have the capacity to meet customer needs during this challenging period. These actions, along with the reduction of discretionary and unnecessary spending, will help protect Hubbell's ability to meet future customer demands for critical infrastructure. As the situation continues to evolve, we will continue to reassess our next steps."

Data shows that Hubbell Group was founded in 1888, with headquarters in Connecticut, USA. Its founder, Harvey Hubbell, is the inventor of the pull-chain switch. Currently, through cooperative development and M&A, its product lines cover several major areas: Wiring Devices (WDK), Lighting Systems, Industrial Explosion-Proof Systems (Killark), and Power Systems. Production bases have been established in the US, Canada, Italy, Switzerland, Mexico, Brazil, and other countries. In Europe and North America, Hubbell products are favored for their high quality and have become a household name. Hubbell has already gone public on the New York Stock Exchange. (Compiled and organized by China Light Network)